Country Report_Latvia - by Niklavs ZIEDS

Following amendments to the Insolvency Law which entered into force on 6 January 2017, restructuring proceedings no longer call for the involvement of insolvency administrators, as the prior concept has been replaced by restructuring supervisors.

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Latvia: Amendments to insolvency law

Another package of amendments to Latvian Insolvency Law was adopted in the end of last year. It has partially come into force in January this year; however, the largest part of them will come into force on 1 July 2017, and thereafter. Amendments to the Civil Procedure Law affecting insolvency and restructuring proceedings came into force in January, as well. Legal protection proceedings An “open market” principle has been introduced with regard to persons who are entitled to supervise restructuring proceedings.
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Country Reports Spring 2017

The decision from the Court of Appeal was handed down on 1 March 2017 and has confirmed that if a trust is created by an IVA that trust will continue in the absence of specific terms to bring it to an end. This is despite a debtor having received his certificate of discharge and confirmation that he has no liability to IVA creditors.
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Country Reports Winter 2014/15. Updates from Latvia, Spain, France and Romania

After two years of fierce debate a major package of amendments is going to enter into force on 1 March 2015 in Latvia. The most controversial are those relating to personal bankruptcy. Firstly, after the sale of the debtor’s dwelling that served as collateral, the remainder of the debtor’s obligations towards the secured creditor will be discharged automatically, without applying a discharge procedure.
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